mv 110107
THE government and the business sector will pay record high rates for their electricity this month as the prices of imported fuel sold to the Commonwealth Utilities Corp. for its power plants and water wells reached more than $100 a barrel late last month.This month, CUC will charge the business sector 34.4 cents per kilowatt hour, up from 31.4 cents last month.The government will be charged 34.9 cents per kwh this month, up from 31.9 cents in October.Residential customers would have been charged anywhere from 27.4 to 38.5 cents per kwh had the lawmakers not overridden Gov. Benigno R. Fitial’s veto of a measure reducing the residential electric rates to 17.6 cents per kwh for the first 1,000 kwh of energy they consume.Pamela Mathis, CUC spokeswoman, said in September, they bought fuel from Singapore through Mobil Oil Marianas at $93.55 a barrel or $2.45-$2.90 per gallon.Late last month, the price of fuel sold to CUC hit $100.49 a barrel.“That’s the highest cost per barrel in CUC/CNMI history,” said Mathis.She said CUC is still trying to figure out how to address the huge projected revenue loss due to reduced residential electric rates which involves close to 12,000 accounts.A bill has been introduced in the House of Representatives to provide CUC with up to $6 million in fuel subsidies. But Mathis said the amount may not be enough since CUC’s projected revenue shortfall is more than $8 million.She said the current cap on residential electric rates can still be altered through the governor’s emergency powers, which he hasn’t exercised yet.
Wednesday, October 31, 2007
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